Quarterly Update Investment Controls - CalPERS...Quarterly Update – Investment Controls QUARTER...

CalPERSQuarterly Update –Investment Controls

QUARTER ENDED DECEMBER 31 , 2019

Agenda Item 8d, Attachment 1, of 25

Items Completed Under Delegated Authority – For Quarter October – December 2019

Program Area Name of Investment Commitment

(million)

Initial Commitment

Date

Complies w ith Delegation

Number New or Net Additional

Commitment

Global Equity2 CalPERS-managed U.S. Total Market Index 3000 Strategy $7,890.00

Dec-1991 INV-19-04 Net Additional Commitment

Global Equity2 CalPERS-managed International Developed Large/Mid Index Strategy $4,576.00

May-2005 INV-19-04 Net Additional Commitment

Global Equity2 CalPERS-managed Emerging Markets Large/Mid Index Strategy $2,159.00

Oct-2008 INV-19-04 Net Additional Commitment

Global Equity2 CalPERS-managed International Developed Small Index Strategy $464.00

Nov-2012 INV-19-04 Net Additional Commitment

Global Equity2 CalPERS-managed Emerging Markets Small Index Strategy $63.00

Aug-2008 INV-19-04 Net Additional Commitment

Private Equity 1 Green Equity Investors VIII, L.P. $600.00 Oct-2019 INV-19-01 New Commitment Private Equity1 Jade Equity Investors, L.P. $155.00 Oct-2019 INV-19-06 New Commitment Private Equity1 Madison Dearborn Capital Partners VIII, L.P. $400.00 Oct-2019 INV-19-06 New Commitment

1 - Items were previously reported to the Investment Committee during the December meeting and are being reported again due to the change in reporting period from a monthly to a quarterly basis.

2 - Net additional commitment includes figures previously reported in December.


Unsolicited Investment Proposal ActivityProposal Status By Asset Classfor the Month of October 2019

Private Equity Forestland Infrastructure Real Estate Opportunistic Global Equities Commodities Global Fixed Income Total

Start of Month Proposals 16 0 4 4 0 2 0 1 27

New Proposals During the Month 4 0 1 5 2 0 0 1 13

Reinstated Proposal During Month 0 0 0 0 0 0 0 0 0

Decisions During the Month 3 0 1 0 2 2 0 1 9

End of Month Proposals 17 0 4 9 0 0 0 1 31

Status Details

Status Private Equity Forestland Infrastructure Real Estate Opportunistic Global Equities Commodities Global Fixed Income Total

Submitted 1 0 1 0 0 0 0 0 2

Screening 8 0 2 4 0 2 0 1 17

Due Diligence 3 0 1 0 0 0 0 0 4

Approved 4 0 0 0 0 0 0 0 4

Subtotal 16 0 4 4 0 2 0 1 27

Subtotal 4 0 1 5 2 0 0 1 13

Reinstated Proposals During Month

Subtotal 0 0 0 0 0 0 0 0 0

Committed 3 0 0 0 0 0 0 0 3

Declined 0 0 1 0 2 0 0 1 4

Failed to Materialize 0 0 0 0 0 0 0 0 0

Referred 0 0 0 0 0 2 0 0 2

Subtotal 3 0 1 0 2 2 0 1 9

End of Month Proposals

Submitted 0 0 1 0 0 0 0 0 1

Screening 11 0 2 8 0 0 0 1 22

Due Diligence 5 0 1 1 0 0 0 0 7

Approved 1 0 0 0 0 0 0 0 1

Subtotal 17 0 4 9 0 0 0 1 31

Decisions During the Month

Start of Month Proposals

New Proposals During the Month

Private Asset Classes Public Asset Classes

Public Asset ClassesPrivate Asset Classes


Unsolicited Investment Proposal Activity Proposal Status by Asset Class for the Month of November 2019

Private Equity Forestland Infrastructure Real Estate Opportunistic Global Equities Commodities Global Fixed Income Total

Start of Month Proposals 17 0 4 9 0 0 0 1 31

New Proposals During the Month 2 0 1 7 5 2 1 0 18

Reinstated Proposal During Month 0 0 0 0 0 0 0 0 0

Decisions During the Month 7 0 3 6 0 0 0 1 17

End of Month Proposals 12 0 2 10 5 2 1 0 32

Status Details

Status Private Equity Forestland Infrastructure Real Estate Opportunistic Global Equities Commodities Global Fixed Income Total

Submitted 0 0 1 0 0 0 0 0 1

Screening 11 0 2 8 0 0 0 1 22

Due Diligence 5 0 1 1 0 0 0 0 7

Approved 1 0 0 0 0 0 0 0 1

Subtotal 17 0 4 9 0 0 0 1 31

Subtotal 2 0 1 7 5 2 1 0 18


Subtotal 0 0 0 0 0 0 0 0 0

Committed 0 0 0 0 0 0 0 0

Declined 6 0 0 5 0 0 0 1 12

Failed to Materialize 0 0 0 0 0 0 0 0 0

Referred 1 0 3 1 0 0 0 0 5

Subtotal 7 0 3 6 0 0 0 0 17

End of Month Proposals

Submitted 0 0 0 2 4 2 1 0 9

Screening 5 0 1 7 1 0 0 0 14

Due Diligence 5 0 1 0 0 0 0 0 6

Approved 2 0 0 1 0 0 0 0 3

Subtotal 12 0 2 10 5 2 1 0 32







Unsolicited Investment Proposal Activity Proposal Status by Asset Class for the Month of December 2019

Private Equity Forestland Infrastructure Real Estate* TLPM Opportunistic Global Equities Commodities Global Fixed Income Total

Start of Month Proposals 12 0 2 9 0 5 2 1 0 31

New Proposals During the Month 1 0 2 4 1 2 3 1 0 14

Reinstated Proposal During Month 0 0 0 0 0 0 0 0 0 0

Decisions During the Month 1 0 1 5 0 5 4 1 0 17

End of Month Proposals 12 0 3 8 1 2 1 1 0 28

Status Details

Status Private Equity Forestland Infrastructure Real Estate TLPM Opportunistic Global Equities Commodities Global Fixed Income Total

Submitted 0 0 0 1 0 4 2 1 0 8

Screening 5 0 1 7 0 1 0 0 0 14

Due Diligence 5 0 1 0 0 0 0 0 0 6

Approved 2 0 0 1 0 0 0 0 0 3

Subtotal 12 0 2 9 0 5 2 1 0 31

Subtotal 1 0 2 4 1 2 3 1 0 14


Subtotal 0 0 0 0 0 0 0 0 0 0

Committed 0 0 0 2 0 0 0 0 0 2

Declined 1 0 1 3 0 0 0 1 0 6

Failed to Materialize 0 0 0 0 0 5 0 0 0 5

Referred 0 0 0 0 0 0 4 0 0 4

Subtotal 1 0 1 5 0 5 4 1 0 17

End of Month Proposals 0

Submitted 0 0 2 1 1 1 0 1 0 6

Screening 5 0 0 6 0 0 1 0 0 12

Due Diligence 4 0 1 0 0 1 0 0 0 6

Approved 3 0 0 1 0 0 0 0 0 4

Subtotal 12 0 3 8 1 2 1 1 0 28






*The Start of month number for Real Estate was adjusted from 10 to 9 to account for a duplicate submission from the same proposer.


Exceptions to Policy According to policy requirements, the following is a summary of investment policy exceptions reported by the program areas. The following program areas had no exceptions to report:

• Global Equity

• Global Fixed Income

• Investment Risk and Performance

• Investment Servicing Division

• Opportunistic Strategies

• Private Equity

• Real Assets

• Sustainable Investment Program

• Trust Level Portfolio Management

0

1

2

3

Jan.'19

Feb.'19

Mar.'19

Apr.'19

May'19

June'19

July'19

Aug'19

Sept'19

Oct'19

Nov'19

Dec'19

New Exceptions

Existing Exceptions

Policy Exceptions


New:

Program Area or Asset Class

Event Date

Resolution Date

Policy Exception Description Event Description and Resolution (expected) or Next Steps

No items to report

Policy Exceptions


Existing:

Program Area or Asset Class

Event Date

Resolution Date

Policy Exception Description Event Description and Resolution (expected) or Next Steps

No items to report

Policy Exceptions


Disclosure of Closed Session Action Items

No items to report.


Note: Numbers will not tie exactly to the Asset Allocation/Performance categories due to classification differences.

Total Fund - Public Markets Public Equity ($) Income ($) Inflation ($) ARS ($) Liquidity ($) TLPM ($)

Beginning Market Value

191,151,049,080.78 112,293,723,715.70 0.45 181,502,011.43 3,027,998,317.03 4,896,196,974.57

+ Purchases 7,146,769,620.99 12,656,028,263.89 - 1,013,464,136.02 2,314,952,350.63

- Sales (8,758,054,980.97) (12,730,324,812.25) (1,306,831.01) (2,506,208,608.00) (2,296,512,195.94)

+ Unitized FundPurchases

- - - - -

- Unitized Fund Sales

- - - - - -

+/- Other Changes in MV

5,992,734,562.87 136,127,306.89 (2,508.41) 2,337,664.00 2,065,701,341.99 34,090,698.22

Ending Market Value

195,532,498,283.67 112,355,554,474.23 (2,507.96) 182,532,844.41 3,600,955,187.04 4,948,727,827.48

Total Fund - Private Markets

Private Equity ($) Real Estate ($) Forestland ($) Infrastructure ($)

Beginning Market Value 26,321,346,114.37 36,145,713,145.07 1,310,405,253.51 4,707,935,672.53

+ Contributions330,287,026.14 537,234,779.00 - 18,355,945.00

- Distributions(454,746,259.67) (183,718,910.00) (10,140,537.00) (36,161,002.00)


- - - -

- Unitized Fund Sales- - - -

+/- Other Changes in MV 5,952,382.17 (89,699,398.40) 10,140,458.32 27,706,063.06

Ending Market Value 26,202,839,263.01 36,409,529,615.67 1,310,405,174.83 4,717,836,678.59

Investment Transaction Summary - As of October 31, 2019 Agenda Item 8d, Attachment 1, of 25


Total Public Markets ($) Total Private Markets ($) Total Fund ($)

Beginning Market Value 311,550,470,099.96 68,485,400,185.48 380,035,870,285.43

+ Contributions23,131,214,371.53 885,877,750.14 24,017,092,121.67

- Distributions(26,292,407,428.17) (684,766,708.67) (26,977,174,136.84)

+ Unitized Fund Purchases- - -

- Unitized Fund Sales - - -

+/- Other Changes in MV 8,230,989,065.56 (45,900,494.85) 8,185,088,570.71

Ending Market Value 316,620,266,108.88 68,640,610,732.09 385,260,876,840.97

Investment Transaction Summary - As of October 31, 2019 Agenda Item 8d, Attachment 1, of 25




195,532,498,283.67 112,355,554,474.23 (2,507.96) 182,532,844.41 3,600,955,187.04 4,948,727,827.48

+ Purchases 2,112,302,893.55 10,670,113,354.58 - - 2,962,980,918.75 2,090,675,724.86

- Sales (3,584,041,433.34) (12,460,797,699.57) - (20,658,311.63) (3,062,645,196.19) (3,336,232,692.54)


- - - - -


- - - - - -


4,178,458,809.46 1,575,919,923.30 (3.10) (675,680.81) 143,603,142.19 1,054,979,834.10

Ending Market Value

198,239,218,553.34 112,140,790,052.54 (2,511.06) 161,198,851.97 3,644,894,051.79 4,758,150,693.90




+ Contributions441,797,229.37 340,290,906.00 - 742,930,422.00

- Distributions(492,426,978.65) (554,765,068.00) (29,240,816.00)


- - - -


+/- Other Changes in MV (109,695,121.12) (52,433,073.77) (5,587,860.19) 16,870,918.41


Investment Transaction Summary - As of November 30, 2019 Agenda Item 8d, Attachment 1, of 25




+ Contributions17,836,072,891.74 1,525,018,557.37 19,361,091,449.11

- Distributions(22,464,375,333.27) (1,076,432,862.65) (23,540,808,195.92)



+/- Other Changes in MV 6,952,286,025.13 (150,845,136.67) 6,801,440,888.46


Investment Transaction Summary - As of November 30, 2019 Agenda Item 8d, Attachment 1, of 25




198,239,218,553.34 112,140,790,052.54 (2,511.06) 161,198,851.97 3,644,894,051.79 4,758,150,693.90

+ Purchases 10,209,558,831.31 7,403,293,185.80 - 3,547,050,867.86 3,191,248,962.55

- Sales (20,148,028,704.73) (8,779,889,639.95) - (2,382,741,386.07) (5,257,098,289.74)


- - - - -


- - - - - -


14,621,591,121.39 2,619,279,981.70 (2.81) (218,959.75) (927,171,393.28) 2,179,388,903.34

Ending Market Value

202,922,339,801.31 113,383,473,580.09 (2,513.87) 160,979,892.22 3,882,032,140.30 4,871,690,270.04




+ Contributions515,102,177.94 785,745,748.00 21,912,512.00 55,995,145.00

- Distributions(453,651,521.77) (531,585,826.00) - (259,886,257.00)


- - - -


+/- Other Changes in MV 407,727.37 222,620,601.49 (31,102,172.17) 353,775,284.57


Investment Transaction Summary - As of December 31, 2019 Agenda Item 8d, Attachment 1, of 25




+ Contributions24,351,151,847.52 1,378,755,582.94 25,729,907,430.46

- Distributions(36,567,758,020.49) (1,245,123,604.77) (37,812,881,625.26)



+/- Other Changes in MV 18,492,869,650.58 545,701,441.26 19,038,571,091.84


Investment Transaction Summary - As of December 31, 2019 Agenda Item 8d, Attachment 1, of 25

Spring-Fed Pool Contract StatusQuarterly ReportJuly 1, 2019 – December 31, 2019

The report details Letters of Engagements (LOE), by the Investment Off ice, for spring-fed pool contracts. Actual expenditures against the LOE amounts may be less, but never

greater than this amount, unless agreed upon by CalPERS through an amended letter of engagement.

Program Quarter Pool Name Consultant Start Date End Date Project Name LOE AmountExpenditures

(as of12/31/2019)

Balance(as of

12/31/2019)

SelectionReason /

Notes

EXEC Q1

General

Investment

Consulting

Services Spring-

Fed Pool

Meketa

Investment

Group, Inc.

(Contract

#2015-7616)

10/01/17 06/30/20

CalPERS Board

Infrastructure

Investment

Consultant Fiscal

Year 2018-2019

and Fiscal Year

2019-2020

$363,000.00 $211,750.00 $151,250.00

Exempt-Board

Approval

EXEC Q1

General

Investment

Consulting

Services Spring-

Fed Pool

Meketa

Investment

Group, Inc.

(Contract

#2015-7616)

03/16/17 06/30/20

CalPERS Board

Private Equity

Investment

Consultant Fiscal

Year 2018-2019

and Fiscal Year

2019-2020

$1,900,000.00 $1,620,625.00 $279,375.00

Exempt-Board

Approval

EXEC Q1

General

Investment

Consulting

Services Spring-

Fed Pool

Meketa

Investment

Group, Inc.

(Contract

#2015-7609)

07/01/19 06/30/20

2019-2020 Back-

Up to the General

Board Investment

Consultant

$150,000.00 $37,500.00 $112,500.00

Exempt-One

Contractor

EXEC Q1

Real Assets

Investments

Consulting

Services Spring-

Fed Pool

Duff & Phelps

(Contract

#2014-7433)

07/31/19 06/30/20

Investment

Valuation

Services$350,000.00 $- $350,000.00

Exempt-

Critical

Timeframe,

One

Contractor

EXEC Q1

Specialty

InvestmentConsulting

Spring Fed Pool

Propoint

Technology, Inc.(Contract

#2015-7700)

08/15/19 06/30/20

Total Portfolio

ManagementDecision

Framew ork

$90,000.00 $- $90,000.00Best Practice(Bid Request)

Total for INVO Executive $2,853,000.00 $1,869,875.00 $983,125.00


Spring-Fed Pool Contract Status Quarterly Report July 1, 2019 – December 31, 2019



Program Quarter Pool Name Consultant Start Date End Date Project Name LOE Amount Expenditures

(as of 12/31/2019)

Balance (as of

12/31/2019)

Selection Reason /

Notes

Global Equity Q1

Specialty

Investment

Consulting

Services Spring-

Fed Pool

Garland

Associates, Inc.

(Contract

#2015-7677)

02/12/19 11/30/19 2019 Proxy

Solicitations $300,000.00 $- $300,000.00

Exempt-

Critical

Timeframe;

Previous

Entity

Total for Global

Equity $300,000.00 $- $300,000.00

Investment

Servicing

Division

Q1

Specialty

Investment

Consulting

Services Spring-Fed Pool

Propoint

Technology, Inc.

(Contract

#2015-7700)

09/18/17 03/30/20

Collaboration

Advisory and

Business

Process

Improvement

Services

$39,732.00 $26,670.00 $13,062.00

Exempt-

Know n

Contractor

Investment

Servicing

Division

Q1 IT Spring-Fed

Pool

Persell Design

Group, LLC

(Contract

#2015-7968)

12/15/17 06/30/20

Section 508

Compliance

Readiness

Assessment

$135,240.00 $11,040.00 $124,200.00

Exempt-

Know n

Contractor

Investment

Servicing

Division

Q1

Specialty

Investment

Consulting

Services Spring

Fed Pool

Propoint

Technology, Inc.

(Contract

#2015-7700)

02/27/18 12/31/19

Mitsubishi

Financial Group

(MUFG)

Business Analyst

$403,125.00 $390,000.00 $13,125.00

Best Practice

(Bid Request)

Investment

Servicing Division Q1

Specialty

Investment

Consulting

Services Spring

Fed Pool

Propoint

Technology, Inc.

(Contract

#2015-7700)

03/12/18 04/30/20 INVO Data

Strategy $387,000.00 $304,750.00 $82,250.00

Best Practice

(Bid Request)

Investment


Specialty

Investment

Consulting

Services Spring

Fed Pool

Propoint

Technology, Inc.

(Contract

#2015-7700)

05/04/18 06/30/20

Artemis Transition to

Maintenance &

Operations and

Public Markets

Coordination

Project

$379,260.00 $278,110.00 $101,150.00

Best Practice

(Bid Request)






(as of 12/31/2019)

Balance (as of

12/31/2019)

Selection Reason /

Notes

Investment


IT Spring-Fed

Pool

Propoint

Technology, Inc.

(Contract

#2015-7700)

07/01/18 06/30/20

Charles River

Upgrade and

Artemis

Production

Support

$490,000.00 $280,840.00 $209,160.00

Best Practice

(Bid Request)

Investment


IT Spring-Fed

Pool

Propoint

Technology, Inc.

(Contract #2015-7700)

09/06/18 12/31/19

Technology

Management Unit

Experienced Business Analyst

$335,400.00 $306,549.10 $28,850.90

Best Practice

(Bid Request)

Investment


IT Spring-Fed

Pool

Propoint

Technology, Inc.

(Contract

#2015-7700)

11/01/18 06/30/20

INVO Salesforce Development,

User Interface

Enhancement

and Support

$412,500.00 $252,062.50 $160,437.50

Best Practice

(Bid Request)

Investment


IT Spring-Fed

Pool

MSys

International Inc.

(Contract

#2015-7977) 11/01/18 01/31/20

INVO Enhanced

Management

Reporting

Development and

Support Senior

Programmer

$234,000.00 $192,850.00 $41,150.00

Best Practice

(Bid Request)

Investment Servicing Division

Q1

Specialty

Investment Consulting

Spring Fed Pool

Propoint

Technology, Inc. (Contract

#2015-7700)

12/10/18 01/31/20

Multi-Asset

Trading Platform

Project Support $174,150.00 $143,032.50 $31,117.50

Best Practice (Bid Request)

Investment


IT Spring-Fed

Pool

Pyramid Technical

Consultants, Inc.

(Contract

#2015-7862)

01/01/19 06/30/20

Investment

Technology

Services-Public

Markets 2

$400,612.34 $275,206.05 $125,406.29

Best Practice

(Bid Request)






(as of 12/31/2019)

Balance (as of

12/31/2019)

Selection Reason /

Notes

Investment


IT Spring-Fed

Pool

SRI Infotech,

Inc.

(Contract

#2015-7864)

01/01/19 12/31/19

AREIS

Maintenance &

Support 2 $241,440.00 $194,520.00 $46,920.00

Best Practice

(Bid Request)

Investment


Specialty

Investment

Consulting

Spring Fed Pool

Propoint

Technology, Inc.

(Contract

#2015-7700)

03/22/19 06/30/20

MUFG for Real

Assets Project

Manager $351,086.40 $348,941.25 $2,145.15

Best Practice

(Bid Request)

Investment


Specialty

Investment

Consulting

Spring Fed Pool

Propoint

Technology, Inc.

(Contract

#2015-7700)

05/07/19 06/30/20

INVO Data

Strategy Project Manager

$270,000.00 $171,956.25 $98,043.75

Best Practice

(Bid Request)

Investment


IT Spring-Fed

Pool

Jlynn Consulting

(Contract

#2015-7852)

05/14/19 06/30/20

Investment

Technology

Services-Global

Equity 2

$230,000.00 $96,600.00

$133,400.00

Best Practice

(Bid Request)

Investment


IT Spring-Fed

Pool

SPS Consulting

Services, LLC

(Contract

#2018-8416)

05/20/19 06/30/20

INVO Cloud

Enhancements

and Advisory $270,000.00 $74,587.50 $195,412.50

Best Practice

(Bid Request)

Investment


IT Spring-Fed

Pool

Trinity

Technology Group, Inc.

(Contract

#2015-7859)

05/20/19 06/30/20 IDaP Application Development and

Support 2 $198,000.00 $84,595.50 $113,404.50

Best Practice

(Bid Request)






(as of 12/31/2019)

Balance (as of

12/31/2019)

Selection Reason /

Notes

Investment


IT Spring-Fed

Pool

Propoint

Technology, Inc.

(Contract

#2015-7874)

05/20/19 06/30/20

INVO Salesforce

Application

Development and

System Support

2

$520,000.00 $199,420.00 $320,580.00

Best Practice

(Bid Request)

Investment


IT Spring-Fed

Pool

Trinity

Technology

Group, Inc.

(Contract #2015-7859)

05/24/19 06/30/20

INVO SharePoint

Architecture

Support 2 $78,000.00 $3,780.00 $74,220.00

Exempt-

Know n

Contractor

Investment


Specialty Investment

Consultant

Spring Fed Pool

Propoint Technology, Inc.

(Contract

#2015-7700)

10/22/19 06/30/20 AREIS Upgrade

Business Analyst $156,250.00 $- $156,250.00

Best Practice

(Bid Request)

Investment


Specialty

Investment

Consultant

Spring Fed Pool

Propoint

Technology, Inc.

(Contract

#2015-7700)

10/22/19 06/30/20

Investment

Performance

Platform Project

Manager

$202,500.00 $-

$202,500.00

Best Practice

(Bid Request)

Investment


IT Spring-Fed

Pool

SRI Infotech,

Inc.

(Contract

#2015-7864)

12/03/19 06/30/20

AREIS

Application

Upgrade &

Support

$144,000.00 $- $144,000.00

Best Practice

(Bid Request)

Investment


Specialty

Investment

Consulting

Spring Fed Pool

Propoint

Technology, Inc.

(Contract

#2015-7700)

12/11/19 06/30/20

Investment

Technology

Experienced

Business and

Testing Analysts

$260,000.00 $-

$260,000.00

Best Practice

(Bid Request)

Investment


IT Spring-Fed

Pool

Msys

International Inc.

(Contract

#2015-7977)

12/17/19 06/30/20

INVO Enhanced

Management

Reporting

Development and

Support Senior

$86,700.00 $- $86,700.00

Best Practice

(Bid Request)






(as of 12/31/2019)

Balance (as of

12/31/2019)

Selection Reason /

Notes Total for

Investment

Servicing

Division

$6,398,995.74 $3,635,510.65 $2,763,485.09

Opportunistic

Strategies/

Sustainable

Investments

Q1

General

Investment

Consulting

Services Spring-

Fed Pool

Mosaic

Investment

Advisors Inc.

(Contract

#2015-7614)

04/11/19 06/30/20 Equity Brokerage

Services $200,000.00 $100,000.00 $100,000.00

Exempt-

Know n

Contractor

Total for

Opportunistic

Strategies $200,000.00 $100,000.00 $100,000.00

Private Equity Q1

General

Investment

Consulting


Mercer

Alternatives

Limited

(Contract #2015-7604)

05/16/19 10/31/19 Market Mapping $150,000.00 $70,000.00 $80,000.00

Best Practice

(Bid Request)

Private Equity Q1

Strategic Business

Services Spring-

Fed Pool

David Morris Enterprises, LLC

(Contract

#2018-8436)

05/29/19 12/31/19

Private Equity Organizational

and Leadership

Development

$70,000.00 $- $70,000.00

Exempt-

Critical

Timeframe;

One

Contractor

Private Equity Q1

General

Investment

Consulting

Services Spring-

Fed Pool

Callan LLC

(Contract

#2015-7615)

08/28/19 06/30/20 Project Nahl $60,000.00 $60,000.00 $-

Best Practice

(Bid Request)






(as of 12/31/2019)

Balance (as of

12/31/2019)

Selection Reason /

Notes

Total for Private Equity $280,000.00 $130,000.00 $150,000.00

Private Asset

Analytics Q1

Specialty Audits

Spring-Fed Pool

Conrad LLP

(Contract

#2017-8314)

05/02/19 04/30/20

Conrad Real

Estate Data

Validations 2019-

2020

$90,000.00 $- $90,000.00

Exempt-

Critical

Timeframe;

Previous

Entity

Private Asset

Analytics Q1

Specialty Audits

Spring-Fed Pool

KPM &

Associates LLP

(Contract

#2017-8313)

05/02/19 04/30/20

KPM Real Estate

Data Validations

2019-2020 $90,000.00 $11,278.00 $78,722.00

Exempt-

Critical

Timeframe;

Previous

Entity

Real Assets Q1

Real Assets

Investments

Consulting

Services Spring-

Fed Pool

Bard Consulting

LLC (Contract

#2014-7427)

06/03/19 06/30/20 Project Bayou $25,000.00 $25,000.00 $-

Best Practice

(Bid Request)

Real Assets Q1

Specialty

Investment

Consulting

Services Spring-

Fed Pool

Wilcox, Miller & Nelson

(Contract

#2015-7679)

06/03/19 06/30/20 Project Hoosier $60,000.00 $50,000.00 $10,000.00

Best Practice

(Bid Request)

Real Assets Q1

Real Assets

Investments

Consulting

Services Spring-

Fed Pool

RCLCO

(Contract

#2014-7440)

06/25/19 06/30/20 Project Double

Play $68,000.00 $34,000.00 $34,000.00

Exempt-

Critical

Timeframe;

One

Contractor

Real Assets Q1

General

Investment

Consulting


Callan LLC

(Contract

#2015-7615)

07/01/19 06/30/20

Harbert

Evaluation and

Restructure $80,000.00 $80,000.00 $-

Exempt-

Know n

Contractor






(as of 12/31/2019)

Balance (as of

12/31/2019)

Selection Reason /

Notes

Real Assets Q1

Real Assets

Investments

Consulting

Services Spring-

Fed Pool

Bard Consulting,

LLC (Contract

#2014-7427)

07/01/19 06/30/20

2019-2020

Residential

Monitoring $300,000.00 $28,331.25 $271,668.75

Exempt-

Know n

Contractor

Real Assets Q1

Real Assets

Investments

Consulting

Services Spring-

Fed Pool

Bard Consulting,

LLC (Contract

#2014-7427)

07/01/19 06/30/20

2019-2020 Retail

Investment

Portfolio $350,000.00 $286,400.00 $63,600.00

Exempt-

Know n

Contractor

Real Assets Q1

Real Assets

Investments

Consulting

Services Spring-

Fed Pool

Pavilion

Alternatives

Group, Inc.

(Contract

#2014-7435)

07/01/19 06/30/20

2019-2020 Real

Assets Support

Program $100,000.00 $14,048.75 $85,951.25

Exempt-

Know n

Contractor

Real Assets Q1

Real Assets

Investments

Consulting

Services Spring-

Fed Pool

Crossw ater Realty Advisors,

LLC (Contract

#2014-7431)

07/29/19 06/30/20

2019-2020

Housing Manager

Evaluation $75,000.00 $38,725.00 $36,275.00

Exempt-

Know n

Contractor

Real Assets Q1

Real Assets

Investments

Consulting

Services Spring-

Fed Pool

Bard Consulting,

LLC (Contract

#2014-7427)

09/04/19 06/30/20 Fee

Restructuring $75,000.00 $15,956.25 $59,043.75

Exempt-

Critical

Timeframe;

Previous

Entity

Real Assets Q2

Real Assets

Investments

Consulting

Services Spring-

Fed Pool

Callan LLC

(Contract

#2014-7429)

10/04/19 06/30/20 Project Sunrise $12,000.00 $- $12,000.00

Best Practice

(Bid Request)






(as of 12/31/2019)

Balance (as of

12/31/2019)

Selection Reason /

Notes

Real Assets Q2

Real Assets

Investments

Consulting

Services Spring-

Fed Pool

Duff & Phelps

(Contract

#2014-7433)

11/06/19 06/30/20 Project Transition

Manager $20,800.00 $- $20,800.00

Best Practice

(Bid Request)

Real Assets Q2

Real Assets

Investments

Consulting

Services Spring-

Fed Pool

Bard Consulting,

LLC (Contract

#2014-7427)

12/13/19 06/30/20 Project Life

Science $90,000.00 $- $90,000.00

Exempt-

Critical

Timeframe;

Previous

Entity

Total for Real

Assets $1,435,800.00 $583,739.25 $852,060.75

Grand Total

Investment

Office $11,467,795.74 $6,319,124.90 $5,148,670.84


Investment Policy Administrative Changes

No administrative changes were processed during the quarter ended December 31, 2019.


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